Rooftop solar panel loan
Borrow for a grid-connected residential rooftop solar system up to 3 kW, with loans from INR 10,000 to INR 200,000.
Această oportunitate este disponibilă momentan în limba engleză.
The loan covers a residential solar installation connected to the electricity grid. For the up-to-3-kW route described here, you must contribute at least 10% of project cost yourself. That cost includes design, supply, installation, testing, commissioning and maintenance.
The interest rate is floating: the bank’s Repo Linked Lending Rate (RLLR) minus 2.30 percentage points, for both existing home-loan borrowers and other borrowers. The bank’s rate table lists RLLR at 8.30%, giving a rate of 6.00%; the rate can change with the benchmark. Repay the loan over 120 months, including an initial repayment delay (moratorium) of up to six months. The bank charges no processing fee. Its account-handling charge, covering documentation, inspection/supervision, NeSL and credit checks, is INR 500 plus 0.20% of the loan amount, with a minimum of INR 500 and a maximum of INR 2,500.
The solar equipment secures the loan through hypothecation: it is pledged as the bank’s primary security, and the charge is registered with CERSAI, the central security-interest registry. The bank pays the vendor or installation contractor directly after the required Ministry of New and Renewable Energy (MNRE) feasibility reports are submitted.
The bank lists central rooftop-solar subsidies of INR 30,000 for 1 kW, INR 60,000 for 2 kW and INR 78,000 for 3 kW. Applicable central and state subsidy rules must be followed. The borrower claims the subsidy using the loan account number so it is credited to the loan account; the disbursement instructions also allow the vendor to claim using that number.
Eligibility
- Apply as an individual with a CIBIL credit score of at least 680. Applicants new to credit (NTC), without an existing credit history, are also eligible. There is no minimum annual-income criterion for this route.
- You must have rights to use the roof and enough roof area under MNRE requirements. Provide your latest electricity bill and open a Bank of Maharashtra savings account before taking the loan.
- You must be at least 21. Your age at the end of the repayment period must be no more than 70.
- Register on the national rooftop-solar portal and submit the approved project details for a purchase from a vendor registered or empanelled with the electricity distribution company (DISCOM) or MNRE.
How to apply
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- Condițiile sesiunii de finanțare
- Register on the national rooftop-solar portal before applying through Jan Samarth.[^c14]
- Final loan approval depends on the bank verifying your documents and assessing your application.[^c13]
Register on the PM Surya Ghar national portal first. After successful registration, use Jan Samarth, select “Renewable energy”, then “Apply now”. The bank says applications are sourced through Jan Samarth, either by applicants themselves or through an assisted application journey.
The initial digital offer uses your self-declaration. Final approval depends on the bank verifying the relevant documents and assessing your application.